Insurance for Fiat Cars - Discussion

1. You can get the NCB Certificate from the existing insurer or you can use vehicle substitution.

2. You can use the NCB certificate with any General Insurance Co

3. Depends on each company's Process involved & Turn around Time(TAT). In this scenario speak with TATA-AIG Customer care for further details.

4. If you mean You have NCB Certificate & have not produced it while applying for Insurance.

First of all, NCB always follows benefit of the owner hence it cannot be transferred to any other person's name. NCB is a type of gift given by the Insurance company to the Insured in this scenario driving safely without causing accidents & damages to your vehicle.

If you ask my opinion then why not use the NCB certificate while applying for Insurance. I doesn't make any sense not to use it. There are also cases were owners have never claimed from insurance company for 5-10 years or more & have been enjoying 50% discount. That's like paying 1/2 the premium.

4. If you mean You have NCB Certificate & have not produced it while applying for Insurance.

First of all, NCB always follows benefit of the owner hence it cannot be transferred to any other person's name. NCB is a type of gift given by the Insurance company to the Insured in this scenario driving safely without causing accidents & damages to your vehicle.

If you ask my opinion then why not use the NCB certificate while applying for Insurance. I doesn't make any sense not to use it. There are also cases were owners have never claimed from insurance company for 5-10 years or more & have been enjoying 50% discount. That's like paying 1/2 the premium.

Regards,

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Thanks Harish,

I meant, if for some reason I don't receive the NCB certificate before I take delivery of my new vehicle and I use it for renewal.

I just thought of another scenario. If I happen to make a claim during the first year, I'll lose the NCB. But since my older NCB is still valid, can I use that for renewal?

I meant, if for some reason I don't receive the NCB certificate before I take delivery of my new vehicle and I use it for renewal.

I just thought of another scenario. If I happen to make a claim during the first year, I'll lose the NCB. But since my older NCB is still valid, can I use that for renewal?

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Even if you quote that you are eligible for NCB from wherever you are renewing, they will provide you the same. But you need to produce the NCB certificate as soon as possible else your own damage section will stand cancelled & the policy will become Third party only.

I am not sure about the 2nd scenario. I will try to get it clarified too.

They are also quoting around 7600 for the regular insurance. I am buying this cover online, and the SA mentioned that there is no need to submit any documents as the policy will be issued on voice based.

1) How does it compare with the quotes others have received?
2) Since I am not submitting any documents, will it lead to problems later?
3) Which is a better cover to opt for - regular or drive assure (DA)? DA is almost 60% costlier than the regular coverage!

They are also quoting around 7600 for the regular insurance. I am buying this cover online, and the SA mentioned that there is no need to submit any documents as the policy will be issued on voice based.

1) How does it compare with the quotes others have received?
2) Since I am not submitting any documents, will it lead to problems later?
3) Which is a better cover to opt for - regular or drive assure (DA)? DA is almost 60% costlier than the regular coverage!

Any quick replies will be much appreciated.

Cheers!

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I renewed insurance over phone (their call center) and by using CC in June 2012 and the IDV was ~Rs.5.2L. Premium for DA policy paid was ~Rs.18k. No NCB. At the time I was renewing this was most competitive quote I got. Everybody else (FG, TA) quoted 20K+ for B2B policy.

You will have to mail them scanned copy of your documents. No, it does not lead to any problems. Just ensure that Policy Holder name is printed properly on the policy.

Drive Assure is better in the unfortunate event of having to make a claim. Its purely your call though. I would pay that 60% for peace of mind. I got away by paying Rs.3k (bill was for 32k) after a pretty nasty accident recently.

Though, I am inclined towards BA, I am unable to understand the difference between the normal insurance and 0% Dep/ B2B / Drive Assure.
I was under an impression that 0% Insurance means that my Old/Current IDV (which is Rs. 4,47,890/- in this case) will be the same and the premium amount will be more.

But the Advisor on the phone says that the IDV would be Rs. 4,15,000 for both the schemes and the only difference would be in the Premium amount I pay. He also mentioned that if I am going for 0% Depreciation again, the next year thenthe IDV would remain same with extra % of NCB if I have no claims.

He said that with 0% Depreciation all I would need to pay is Rs.1000/- for any claims and the rest would be taken care by the Insurance Company.

I usually do not bother about all this and just renew my policy with what ever quote my current insurer gives me. This is the first time I am considering to change my Insurer, so please consider me as a noob.

Could some one enlighten me about what is the concept behind the 0% Depreciation scheme and is it advisable to opt for it?

P.S: I haven't made a single claim so far and so I can not comment on the service provided by FG. The only reason I am planning to change is for the reviews I read on TFI.
Thanks in advance.

Kiran - if you haven't claimed for last year then you're eligible for NCB. Also 0% dep or B2B means that in case of a claim you would need to pay the claim charges and nothing else. In an insurance without B2B you''ll have to pay your part during a claim based on the part being replaced, for eg. Plastic is 50%. Usually the premium is slightly higher than the normal insurance, but it's worth it. I've renewed twice with Tata AIG and haven't had a claim so far luckily and have read positive experience except Linealover's case where-in it had to be escalated to Tata AIG customer care before matter settled amicably.

Though, I am inclined towards BA, I am unable to understand the difference between the normal insurance and 0% Dep/ B2B / Drive Assure.
I was under an impression that 0% Insurance means that my Old/Current IDV (which is Rs. 4,47,890/- in this case) will be the same and the premium amount will be more.

But the Advisor on the phone says that the IDV would be Rs. 4,15,000 for both the schemes and the only difference would be in the Premium amount I pay. He also mentioned that if I am going for 0% Depreciation again, the next year thenthe IDV would remain same with extra % of NCB if I have no claims.

He said that with 0% Depreciation all I would need to pay is Rs.1000/- for any claims and the rest would be taken care by the Insurance Company.

I usually do not bother about all this and just renew my policy with what ever quote my current insurer gives me. This is the first time I am considering to change my Insurer, so please consider me as a noob.

Could some one enlighten me about what is the concept behind the 0% Depreciation scheme and is it advisable to opt for it?

P.S: I haven't made a single claim so far and so I can not comment on the service provided by FG. The only reason I am planning to change is for the reviews I read on TFI.
Thanks in advance.

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Hi N Kiran,
I would advise you to go for the zero dep cover straight away.
The difference between a normal policy & zero depreciation policy are:
1. Plastic parts are considered into 50% depreciation under a normal policy whereas, 0% in Zero dep policy.
2. Metal Parts are considered into year wise depreciation 5%(0-6 Months) 10%(1 Yr-2 Yr) 15% (2yr-3yr) etc whereas, 0% in zero dep policy.
3. God forbid, in an event of a minor claim itself you get the additional premium paid re-imbursed in the form of waived depreciation.

For e.g. My car met with an accident a couple of months ago, where the rear bumper, Both Chrome strips & both Tail Lamps needed to be replaced. As i had the Nil dep cover, I paid only 1000 odd bucks & got the car. Whereas, if i would have been under the normal cover the amount i would have paid, would be some where close to Rs.7000/-

The IDV is bound to change/depreciate every year, which ever policy you opt for.

Thankyou guys for the inputs. I haven't got a quote from Tata AIG yet. I would try and get the same.
If I get a decent quote which is more or less equal to the one proposed by BA, which one should I opt for?

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